Bill Ackman gave one tip to Whitney Tilson when he was just starting out: read all of Warren Buffett’s investor letters.
“[Ackman] was still at his original hedge fund, Gotham Partners, and he was the only guy I knew in the investment business,” Tilson told gurufocus.
“He said there was only one thing I needed to do: read all of Warren Buffett’s letters, and that was the best advice anyone has ever given to me. Intuitively it made a lot of sense; just buy a dollar bill for 50 cents.”
The two were in Harvard Business School together and are now the hedge fund managers of huge funds, Pershing Square and T2 Partners. And they’re obsessed with Buffett.
The man really is a God.
Luckily, Buffett’s investor letters are available for all to read. Here’s the latest, which just came out this weekend.